Buy Aluminium Jan 2022 @ 227.00 SL 225.00 TGT 229.40-231.00.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 738.4-749.8.
Copper dropped as the omicron variant kept spreading all over the world, and the confirmed COVID cases increased day after day
China's top copper smelters kept floor treatment and refining charges for copper concentrate in the first quarter of 2022 flat from the previous quarter.
Philippines ends open-pit mining ban to reinvigorate industry
Warehouse stock for Copper at LME was at 89375mt that is up by 275mt.
BUY COPPER JAN 2022 @ 750.00 SL 746.00 TGT 756.00-759.00.MCX
ZINC
Zinc trading range for the day is 285-290.
Zinc prices remained supported owing to the unresolved energy crisis and high smelting costs in China.
Some downstream companies planned to suspend the production in light of the environmental protection incident in the north.
The market kept worrying about the supply side amid surging electricity prices in the Europe and low LME inventory.
Warehouse stock for Zinc at LME was at 199750mt that is down by -3225mt.
BUY ZINC JAN 2022 @ 290.00 SL 288.00 TGT 292.50-294.00.MCX
NICKEL
Nickel trading range for the day is 1544.8-1574.6.
Nickel dropped as the supply of nickel ore from the Philippines is likely to pick up in the future as the open pit mining ban has been lifted in the country.
However, as the Philippines is still in the rainy season, the nickel ore supply will keep falling in the near term.
In China, the downstream stainless steel export demand improved, which is likely to increase the production activities of steel mills
Warehouse stock for Nickel at LME was at 103020mt that is down by -636mt.
BUY NICKEL JAN 2022 @ 1545.00 SL 1532.00 TGT 1558.00-1566.00.MCX
ALUMINIUM
Aluminium trading range for the day is 224.1-227.9
Aluminium settled flat on profit booking after prices gained earlier in the day propelled by persisting concerns over supply.
China aims to cut energy consumption of steel by 2%, and to lower carbon emissions in the aluminium sector by 5% by 2025
Alcoa Corp reached a deal with workers to end primary aluminium production at its San Ciprian facility in Spain for two years
Warehouse stock for Aluminium at LME was at 943500mt that is down by -16200mt
BUY ALUMINIUM JAN 2022 @ 227.00 SL 225.00 TGT 229.40-231.00.MCX
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